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12 Cards in this Set
- Front
- Back
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True or false. Plant Property includes all Navy owned real or personal property of a capital nature (initial acquisition cost currently set at $100,000 or more) in use at activities of the Naval Shore Establishment, or nondeployable equipment of Operating Forces based ashore.
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True
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True or fale. Plant Property includes equipment designated as Minor Property.
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False. Plant Property does not include equipment designated as Minor Property.
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What is real property?
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buildings, land, structures, utilities
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What is personal property?
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Navy owned property of a capital nature other than Real Property
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• Plant Property Class 1
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Land
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• Plant Property Class 2
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Buildings, structures, and utilities
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• Plant Property Class 3
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Equipment
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• Plant Property Class 4
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IPE
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To be classified as Plant Property Class 3, the equipment item must:
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• Have an acquisition value, which exceeds the capitalization threshold.
• Have an expected useful life of 2 years or more. • Be required for furtherance of activity's mission. • Not have been altered to preclude use for intended purpose. • Not be consumed in use. • Not be in an inventory account of the supply system. • Not be classified as installed equipment, which is an integral part of a Plant Property Class 2 item. • Not be listed as an exclusion from Plant Property Class 3 by NAVCOMPT Manual, Volume 3, Chapter 6, paragraph 036301 4. |
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To be classified as Plant Property Class 4, the equipment item must:
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• Be IPE with an acquisition cost that exceeds the threshold used by Congress to appropriate funds (currently $100,000).
• Be used for cutting, grinding, shaping, joining, testing, measuring, heating, or otherwise altering materials. • Be listed as IPE in NAVCOMPT Manual, Volume 3, Chapter 6,paragraph 036402, but not listed as an exclusion by paragraph 036401 2. • Not be permanently attached to real property. • Not be used directly for or in support of patient treatment or medical research |
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The following types of property are not considered Plant Property
Minor Property. |
defined as personal property acquired for immediate use and having a unit cost of less than the investment/expense-funding threshold used by Congress for appropriating funds.
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The following types of property are not considered Plant Property
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Pilferable equipment is defined as equipment which is easily transportable or concealable, having a ready resale value or application for personal use, and which is, therefore, especially subject to theft.
• Examples include, but are not limited to desktop calculators, cameras and photographic equipment, television sets, audio visual equipment, computer equipment, and portable power tools. |
